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Insurance licenseesG must consider the need to include automated transaction monitoring as part of their risk-based monitoring systems. In the absence of automated transaction monitoring systems, all transactions above BD 6,000 must be viewed as 'significant' and be captured in a daily transactions report for monitoring by the MLRO or a relevant delegated official, and records retained by the insurance licenseeG for five years after the date of the transaction.

Amended: January 2007
Amended: October 2007
Amended: April 2008
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